The global IoT chips market is projected to register a CAGR of 5.9% during the forecast period, 2020–2026.
The global IoT chips market is estimated to grow at a significant rate in the near future. The geographical analysis of the IoT chips market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world. IoT chips are modules comprising processors, sensors, ICs, and memory and logic devices, among others. These modules are integrated into smart devices to transfer data in real-time across a network. The adoption of wireless technologies has gained traction over the past few years, which has propelled the growth of the global IoT chips market across the globe. The customers’ inclination towards AI and 5G is also expected to drive the growth of the global market. However, lack of data privacy and security across networks might hamper the market growth during the forecast period. Also, a lack of standardization of protocols across platforms is expected to restrict market growth.
As per the MRFR analysis, Asia-Pacific accounted for the largest market share in 2019. China accounts for the largest market share in the region due to the increase in government initiatives towards the development of smart homes and smart cities. The adoption of 5G technology, along with AI, is also expected to fuel market growth. The region has also witnessed a strong presence of consumer electronics manufacturers. Additionally, the presence of various companies in the region is also driving the growth of the market in the region.
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Europe accounts for the second-largest market share in the IoT chips market. Germany held the largest share of Europe’s IoT chips market in 2019 due to the presence of the automobile industry in the country and the increasing adoption of IoT devices by consumers. On the other hand, France is expected to be the fastest-growing country-level market in the region during the forecast period.
North America is projected to be the fastest-growing regional market during the forecast period. The region has a major presence of small and medium enterprises that have commenced the adoption of IoT in their enterprises, which is expected to fuel the market growth. Technological advancements and increasing investments by the manufacturing industries for enhancing their product quality are key factors responsible for the market growth in this region.
MRFR recognizes the key players in the global IoT chip market as Intel Corporation (US), Qualcomm Technologies, Inc (US), Texas Instruments Incorporated (US), NXP Semiconductors NV (Netherlands), Microchip Technology Inc. (US), MediaTek Inc. (Taiwan), STMicroelectronics NV (Switzerland), Renesas Electronics Corporation (Japan), Huawei Technologies Co., Ltd. (China), NVIDIA Corporation (US), Cypress Semiconductor Corporation (US), Advanced Micro Devices, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), MediaTek Inc. (Taiwan), Microchip Technology Inc. (US), Silicon Laboratories. (US), Telit (Italy), Nordic Semiconductor ASA (Norway), Semtech Corporation (US), Marvell (Bermuda), and AMD (US), among others. The prominent players keep innovating and investing in research and development to offer a cost-effective product portfolio. There have been recent mergers & acquisitions among the key players, a strategy that business entities employ for strengthening their reach to the customers.
The global IoT chips market has been segmented based on product, end user, and region.
By product, the market has been segmented into processors, sensors, connectivity ICs, memory devices, logic devices, and others.
By end user, the market has been segmented into consumer electronics, automotive & transportation, healthcare, retail, BFSI, agriculture, entertainment & media, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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